But it's real time right? So if you point and shoot right at the guy, you have a chance to miss him ? When you pause and issue combat commands, does that take control away from the player while your avatar acts out the move?

So many questions...

It seems that outside of the VATS system everything is real time. The only time the game pauses is when you enter the VATS system and start using AP and issuing commands. The article doesn't really say much more than that, but they do say that the game is geared more towards a role-playing turn based style as opposed to a twitch gaming style of play.